Zhejiang executive director Xu Yong said the company will build beach residences, comprising six 18-storey towers with over 1,000 units.

Zhejiang will also develop a Fisherman Wharf commercial street, modelled after the Fisherman Wharf in San Francisco and Hong Kong.

"The Fisherman Wharf and residences will bring attention to the whole Goldcoast development.

"Already we have interest from Asian investors who want to buy the properties and invest in the development," Xu Yong told reporters after signing the cooperation agreement yesterday,

Xu Yong said the total investment in the project will be around RM700 million, with the financing coming from China.

He added that the project will be developed in four phases over five to six years, starting early next year.

"We will form a consortium to undertake the project. It will comprise Zhejiang, SGSB and several local construction firms. We will be calling for tenders to help build the properties.

"There will be a lot of local involvement in the project," he said.

Xu Yong said this will be the first of many investments that Zhejiang is considering in Malaysia.

"We hope there will be many more cooperations with SGSB, and the Selangor state government," he said.

SGSB is a 70:30 joint venture between Sepang Bay Sdn Bhd, which is majority controlled by shareholders of CNI Group, a multi-level marketing outfit in Indonesia, and Permodalan Negeri Selangor Bhd, the Selangor state investment arm.

The company owns 2,084ha of coastal land in Sepang.

Completed projects at Sepang Goldcoast include the Golden Palm Tree water villas and the Golden Palm Tree Resort & Spa.

SGSB executive vice-president Wong Mun Chong said the company is at the tail end of finalising the masterplan for the 2,084ha land.

The Goldcoast development is divided into three areas - north coast, central coast and south coast.

SGSB is currently developing the south coast where the partnership with Zhejiang comes in.

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